Rates have been uncharacteristically low for much of 2014, and continue to be lower than they were at this time last year. They were averaging 4.23 percent a year ago.

Freddie Mac’s chief economist Frank Nothaft said in a release that the low rates were partly due to global issues.

“Fixed mortgage rates were down on a week filled with bleak forward projections from the Federal Reserve and concern over growth in Europe. Despite gloomy vernacular from the Fed, mortgage purchase applications were up 2 percent on the week and the labor market added 248,000 jobs, beating expectations and lowering headline unemployment to 5.9 percent.”

UrbanTurf continues to track the path of the rates in this chart:

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.